10 years on for the great surge of peak oil speculation, it has been interesting to see that Saudi Arabia and Russia have both managed to maintain (and expand) production of conventional oil. The US managed to attain its own peak of production once again off the back of unconventional oil extraction but the article notes even that is falling off again (by around 600,000 barrels per day so far) now new drilling has almost stopped in the shale regions.

The article notes that Saudi Arabia is expanding the Shaybah field by 250,000 barrels a day and Khurais by 300,000 barrels as part of an effort to build production capacity of more than 12 million barrels per day - 2 million barrels above its current rate. Kuwait also plans to raise production capacity to 4 million barrels by 2020 and Abu Dhabi to up production capacity to 3.5 million barrels a day by 2017.

In a slightly older article, Bloomberg also made some comments about speculation that Saudi Arabia may float part of Aramco - "don’t forget the warnings given by Saudi Arabia’s petroleum minister just over a year ago that global oil demand growth may face a "black swan" in the next few decades. Viewed through that lens, the policy of pumping more barrels out now looks like not merely a strategy to maintain market share but also to simply monetize reserves that might otherwise be left to mire underground" - Saudi Aramco's Fire Sale.